Forex Technical Analysis of GBPUSD for December 21, 2015 | Forex Signals Market
Sunday, December 20, 2015

Forex Technical Analysis of GBPUSD for December 21, 2015

Support                              -   S1 : 1.4872 | S2 : 1.4846 | S3 : 1.4807
Resistance                          -   R1 : 1.4936 | R2 : 1.4975 | R3 : 1.5001
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

According to 4H chart of forex technical analysis for the exchange rate GBPUSD, the price break downward the daily channel (black line) and close almost at the median line of Andrew's Pitchfork (blue lines). Also, price remains below EMA(50) and EMA(200) which have a downward cross between them.

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:


Forex Technical Analysis

4H Chart


The area 1.4912  – 1.4940   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.4980, 1.5020, 1.5040, 1.5070, 1.5100.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.4840, 1.4810, 1.4780, 1.4750, 1.4700.

1H Chart


The area 1.4900 – 1.4914  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.4935, 1.4960, 1.4990, 1.5025, 1.5060, 1.5090.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.4860, 1.4840, 1.4800, 1.4750.

There is Bullish Harmonic Pattern on Daily chart: Henry.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

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